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TEFAF Art Market Report: Online focus provides backdrop for new digital initiative
TEFAF New York Spring - Tambaran. Photo: Harry Heuts.

HELVOIRT.- TEFAF Art Market Report: Online Focus was launched today, June 29th, at a packed breakfast in London for the TEFAF dealer community. Written by Professor Rachel Pownall, the trend report looks at the extent to which the art world is embracing digital opportunities and the impact new technology is having on the art market.

Well-established international auction houses are leading the field in e-commerce and online engagement, leveraging their brands to advantage in the online space. Auction houses are using e-commerce, either through developing their own platforms or using third-party platforms, to reach new buyers and collectors, a trend that is only likely to accelerate.

Dealers have been slow to adapt to new technology, with a third operating off-line only, and 20% of galleries and dealers surveyed saying they have no intention to move online. Although the dealer market for online sales of art and antiques is currently small, the growth stated by dealers in the TEFAF Art Market Report 2017, released in March 2017 during TEFAF Maastricht, is high at 18.8%, meaning that although overall engagement is low, sales online are expanding.

Fastest growth is seen at the lowest price points, which is bringing new buyers into the market. Growth at the upper end of the market is being limited by issues of trust and transparency, but advances in technology may serve to address this. Young collectors and millennials, used to organising their lives via an electronic device and entirely comfortable with buying art and luxury goods online, are vitally important to future market growth at all price points.

To date, no one dominant player has yet emerged in the online market but those that are innovating and developing their product portfolio – for example, Artsy, 1st Dibs and Invaluable - are those that are currently succeeding in this very competitive marketplace. There is a shakeout in this segment, as other business models falter or fail.

There is no doubt of the sheer potential of digital and mobile channels to impact the art business. The report confirms the suppositions that TEFAF had been making about dealer engagement with the opportunities that e-commerce can provide. To assist the dealer community in this endeavour, TEFAF is launching TEFAF TEN in partnership with Invaluable.

In the lead up to TEFAF New York Fall (October 28 – November 1), a different group of ten Fall exhibitors will be highlighted each month on both and via a dedicated microsite. Each participant in TEFAF TEN can highlight eight to twelve works on this microsite, with a view to marketing the TEFAF dealer community to a receptive online audience (the Invaluable website has 3 million unique monthly visitors). The microsite will profile TEFAF TEN dealers and highlight a wide variety of objects. It will also have a Buy Now capability.

Today's News

July 3, 2017

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Major exhibition features previously unseen and new work by Howard Hodgkin

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artnet focuses on art in the Middle East: 1950s to the present

Jeu de Paume opens exhibition devoted to the work of Willy Ronis at the Château de Tours

Hitler house expropriation stands: Austria court

TEFAF Art Market Report: Online focus provides backdrop for new digital initiative

"Markus Lüpertz: Threads of History" at the Hirshhorn presents rarely shown paintings

First Los Angeles solo exhibition for Takesada Matsutani on view at Hauser & Wirth

First UK solo exhibition by the celebrated German painter Daniel Richter opens at Camden Arts Centre

Solo show of British artist Sue Dunkley opens at Alison Jacques Gallery

Opening of the inaugural BALTIC Artists' Award exhibition reveals new work by four winners

Luhring Augustine opens exhibition of works by German artist KRIWET

Bortolami opens a two-person exhibition by Tom Burr and Andrea Zittel

Therianthropy: Laura Bartlett Gallery opens group exhibition

Exhibition at the Guggenheim Museum Bilbao offers a comprehensive overview of Bill Viola's oeuvre

Matthias Bruggmann awarded the Prix Elysée

Vleeshal presents Lili Reynaud Dewar’s ‘Teeth, Gums, Machines, Future, Society’

Nancy Margolis Gallery's summer exhibition introduces works by Drea Cofield and Ping Zheng

Exhibition revisits the film by Fischli and Weiss titled 'The Way Things Go'

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10.- Royal Ontario Museum announces appointment of Curator, Islamic Art & Culture

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